News 21 Dec, 2023 Threats to vessels in the Red Sea - Important factors for Members to consider This updated circular provides guidance on various issues arising out of the recent attacks in the Red Sea and addresses the possible practical, insurance and legal factors for Members to consider.  Download PDF Last updated on 2nd February 2024 1) Background One of the major threats to maritime security in recent years in the shipping industry has been piracy. Although this incident threat was decreased over the past a few years, , during December 2023, there has been an increase in attacks, carried out mainly by members of Yemen's Houthi rebels against vessels sailing through the Red Sea. Initially, these attacks largely consisted of missile and drone strikes targeting commercial vessels primarily, which the Houthi rebels believe to be destined for and/or have departed from Israeli ports or are vessels owned, managed and/or operated by Israeli entities. Subsequently, and following the UK and the US joining military forces on 13 January 2024, by launching over 150 missiles at dozens of Houthi targets in Yemen, in an effort to halt a series of attacks by the rebel group, on some ships passing through the Red Sea region it is reported that the Houthis have increasingly carried out strikes against commercial and military US and UK-linked vessels. These events have caused wide-ranging of damage, to both individual vessels and the global trade industry as a whole, with oil major BP, Maersk, MSC and other major trade business suspending their shipping operations via the Red Sea. It is estimated that approximately 12% of global trade and 40% of Asia-Europe trade passes through the Red Sea. Ships belonging to major shipping lines have diverted to cross the Cape of Good Hope on Africa’s southern tip.  Such a diversion adds around 3,000 nautical miles and days (if not, weeks) to the sailing times of vessels booked to transit the Suez Canal with significant operational, l